ESTUAIRE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ESTUAIRE
Largest movements
- Cash +€267,698
up €267,698 (+176%), from €152,131 to €419,829
mainly Current investments (+€225,000) and Net result for the year (+€54,146)
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
- Tangible fixed assets -€4,724
down €4,724 (-42.7%), from €11,070 to €6,346
- Reserves +€38,211
up €38,211 (+11.4%), from €336,199 to €374,409
of which Distributable reserves: +€38,211
- Gross operating margin -€5,187
down €5,187 (-6.0%), from €86,066 to €80,879
- Financial income -€1,517
down €1,517 (-18.4%), from €8,226 to €6,708
- Taxes -€1,492
down €1,492 (-5.1%), from €29,249 to €27,757
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,983 | €427,557 | +€34,573 | +8.8% |
| Fixed assets | 21/28 | €11,376 | €6,652 | -€4,724 | -41.5% |
| Tangible fixed assets | 22/27 | €11,070 | €6,346 | -€4,724 | -42.7% |
| Furniture and vehicles | 24 | €11,070 | €6,346 | -€4,724 | -42.7% |
| Financial fixed assets | 28 | €306 | €306 | = | 0.0% |
| Current assets | 29/58 | €381,608 | €420,905 | +€39,297 | +10.3% |
| Amounts receivable within one year | 40/41 | €2,881 | - | -€2,881 | |
| Other amounts receivable | 41 | €2,881 | - | -€2,881 | |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €152,131 | €419,829 | +€267,698 | +176% |
| Deferred charges and accrued income | 490/1 | €1,596 | €1,076 | -€520 | -32.6% |
| Total equity and liabilities | 10/49 | €392,983 | €427,557 | +€34,573 | +8.8% |
| Equity | 10/15 | €369,058 | €407,415 | +€38,357 | +10.4% |
| Contributions | 10/11 | €29,750 | €29,750 | = | 0.0% |
| Reserves | 13 | €336,199 | €374,409 | +€38,211 | +11.4% |
| Non-distributable reserves | 130/1 | €2,975 | €2,975 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €333,224 | €371,434 | +€38,211 | +11.5% |
| Profit (loss) carried forward | 14 | €3,110 | €3,256 | +€146 | +4.7% |
| Amounts payable | 17/49 | €23,925 | €20,142 | -€3,784 | -15.8% |
| Amounts payable within one year | 42/48 | €23,925 | €20,142 | -€3,784 | -15.8% |
| Trade debts | 44 | €299 | €701 | +€402 | +134% |
| Suppliers | 440/4 | €299 | €701 | +€402 | +134% |
| Taxes, remuneration and social security | 45 | €3,617 | €3,428 | -€189 | -5.2% |
| Taxes | 450/3 | €3,617 | €3,428 | -€189 | -5.2% |
| Other amounts payable | 47/48 | €20,009 | €16,012 | -€3,996 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,261 | €4,724 | -€537 | -10.2% |
| Other operating charges | 640/8 | €708 | €771 | +€64 | +9.0% |
| Gross operating margin | 9900 | €86,066 | €80,879 | -€5,187 | -6.0% |
| Operating profit (loss) | 9901 | €80,097 | €75,384 | -€4,713 | -5.9% |
| Financial income | 75/76B | €8,226 | €6,708 | -€1,517 | -18.4% |
| Recurring financial income | 75 | €8,226 | €6,708 | -€1,517 | -18.4% |
| Financial charges | 65/66B | €190 | €189 | -€1 | -0.5% |
| Recurring financial charges | 65 | €190 | €189 | -€1 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €88,132 | €81,903 | -€6,229 | -7.1% |
| Income taxes | 67/77 | €29,249 | €27,757 | -€1,492 | -5.1% |
| Profit (loss) for the period | 9904 | €58,883 | €54,146 | -€4,737 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,883 | €54,146 | -€4,737 | -8.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.